Excluding the contribution from the companies Hygromatik and Recuperator, the growth was up six percent, with revenues of €220.9 million.

Some of the company’s financial highlights include the consolidated EBITDA of €49.6 million (20 percent of revenues for the period), up 29.6 percent compared to the first nine months of 2018; consolidated net income of €28.3 million, up 14.1 percent over the net income in the first nine months of 2018; and negative consolidated net financial position of €75.4 million.

Francesco Nalini, chief executive officer of the Group, said: “Revenues recorded in the first nine months of 2019 show a 18.9 percent increase compared to the same period in 2018, thanks to the organic contribution of all the geographic areas and the expansion of the scope of consolidation through the two companies acquired last December.

“From a financial point of view, performance was positive, with cash absorbed by net working capital halving compared with the first half of this year. These results are even more significant in the light of an unfavourable global economic scenario and demonstrate the resilience and good balance of the Group's business portfolio.

“It is also important to underline Carel's ability to pursue its strategic priorities effectively and promptly. During the summer, the two-year plan to expand the company's production footprint was substantially completed. Thanks to this, we will be able to support our development plans focusing on innovation in the service of energy efficiency and environmental sustainability”.

All geographical areas (EMEA, Asia Pacific, North America and South America) and all segments (HVAC and Refrigeration) contributed to this performance.

The company’s strategy of diversifying the target markets, the strong push for cross-selling and consolidation of the customer portfolio and the continuous updating of the solutions proposed have, therefore, proved effective even in a context of general market uncertainty.

The geographical area that recorded the greatest organic increase in percentage terms was North America, with a growth in revenues of around 20 percent. EMEA (Europe, Middle East, Africa) also reported double-digit growth thanks to the contribution of the newly-acquired companies and despite the slowdown in the main economies of the eurozone.

Performance in APAC (Asia Pacific) was positive, with growth of 10 percent, despite persistent volatility, mainly due to the introduction of duties on US/China trade. Finally, South America as an area recorded growth of over five percent, driven mainly by the positive trend in Brazil.

When it comes to the individual business areas, the high growth in HVAC once again benefited from the effect of the inclusion of Hygromatik and Recuperator in the consolidation area, while the performance recorded in the Refrigeration sector was mainly due to organic growth.

During the first nine months of the year, the HVACR sector experienced a slowdown in its growth rate, due mainly to the European macro-economic scenario, which showed significant negative signs during that same period. The industry in the UK is also facing a crisis regarding a skills shortage along with the possible effects of Brexit, so it is important to note when a company is doing well in the face of adversity.